6-Townhome New Construction Loan – Seattle, Washington
Lima One Capital’s team views itself as a partner that helps real estate investors accomplish their goals. That’s why we have designed our new construction loan program with flexible terms designed to help investors execute their particular strategies.
In this deal, a real estate investment fund with more than 40 members wanted a new construction loan with only one person signing the loan documents. They also wanted a non-recourse loan for this tear-down/rebuild project. The investment group got both terms on a $3.6 million loan to build six energy-efficient townhomes in the Queen Anne neighborhood of Seattle, Washington, just blocks from the Space Needle.
This blanket construction loan with a 19-month, interest-only term will allow the borrowing group financing needed to complete the six units that will have a completed value of over $6 million.
New Construction FInancingBy The Numbers
- Blanket Loan for 6 Townhomes
- Loan Amount: $3.6 million
- After-Construction Value: $6 million
- Loan-to-Value Leverage: 56%
- Interest Only